On October 14, as part of the International Export Forum "Made in Russia," organized by the Russian Export Center (a part of VEB.RF Group), the business dialogue "Vector: Asia" took place. The discussion focused on strengthening Russia's relations with Asian partners amidst geopolitical instability and the restructuring of global economic ties.
All participants in the discussion agreed that the Asian region holds immense potential for Russian businesses seeking to enter new markets. The main factors attracting Russian companies include Asia's dynamically developing economies and openness to cooperation.
Experts highlighted several favorable conditions for expanding the presence of Russian companies in Asian markets:
·Economic growth and rising consumer demand in Asian countries;
·Development of infrastructure and logistics networks, facilitating the export and import of goods and services;
·Government support and incentives to attract foreign investments and enhance trade and economic cooperation;
·Access to new markets and technologies, including energy, transportation, smart cities, agriculture, and other sectors;
·Strengthening political, cultural, and humanitarian ties, which contribute to trust and stability in the region.
Asian countries have significant potential for future GDP growth. Experts predict that Asia's economy will grow by about 4.5% in 2024, surpassing 2023 levels, and will continue to be a major contributor to global economic growth. This opens wide opportunities for Russian companies aiming to strengthen existing ties and explore new markets and export directions internationally.
"Trade with Asia is growing and developing rapidly, creating attractive opportunities for Russian producers to increase and diversify their sales. We are expanding our network of overseas offices. The Russian Export Center (REC) already has offices in India, China, and Vietnam. This year, we opened a REC office in Thailand, and soon an office will open in Indonesia. These countries were chosen with the interests of our exporters in mind. In 2023, the number of services provided by the REC to support exports to Asia grew by a third compared to 2022, and this year, in just the first nine months, we have already surpassed last year's annual support. We have provided almost 13,000 services!" noted Petr Zaselsky, Chairman of the Board of ROSEXIMBANK.
The wide geographical presence of REC offices in the Asian region will increase the volume of financial support for exporters, improve the conversion rate of services into export contracts, and contribute to the growth of new exports as well as support for critical imports.
When discussing Asia, it is impossible not to mention the cooperation between the Russian Export Center and Chinese businesses. In the first eight months of 2024, REC Group companies facilitated and supported over 3,000 deals with Chinese partners, totaling more than $3 billion.
During the session, a representative of the Russian Ministry of Industry and Trade highlighted the measures taken to stimulate trade with Asian countries and the key tasks of Russia's trade missions in the region. Participants also discussed the newly established institution of digital attachés and their role in developing trade relations. Special attention was given to sectors of the Russian economy with the greatest export potential to India and Vietnam, as well as products and services in demand in the Indian market.
Experts also emphasized that to fully realize the export potential in the Asian direction, it is necessary not only to expand traditional trade relations but also to actively develop cooperation in innovations, technology, culture, and tourism. The development of trade and the tourism industry between Russia and Indonesia was also discussed, with emphasis on the importance of strengthening ties with Asian partners.
During the event, participants discussed forming a shared future, jointly setting long-term goals, and strategic cooperation priorities that go beyond current realities and consider global trends and challenges.
The organizer of the International Export Forum "Made in Russia" is the Russian Export Center (part of VEB.RF). General partners include EXIAR and ROSEXIMBANK. The business program partner is the Moscow Government. The business program operator of the forum is the Roscongress Foundation.
The Forum's media partners included RBC, Russia 24, RT, Mir, Izvestia, TV BRICS, Business FM, Moscow 24, RIA Novosti, Interfax, Kommersant, Rossiyskaya Gazeta, Expert, News.ru, Small Business of Moscow, FederalPress, Agricultural Complex Bulletin, Economic Bulletin, and Sudostroenie.info
All participants in the discussion agreed that the Asian region holds immense potential for Russian businesses seeking to enter new markets. The main factors attracting Russian companies include Asia's dynamically developing economies and openness to cooperation.
Experts highlighted several favorable conditions for expanding the presence of Russian companies in Asian markets:
·Economic growth and rising consumer demand in Asian countries;
·Development of infrastructure and logistics networks, facilitating the export and import of goods and services;
·Government support and incentives to attract foreign investments and enhance trade and economic cooperation;
·Access to new markets and technologies, including energy, transportation, smart cities, agriculture, and other sectors;
·Strengthening political, cultural, and humanitarian ties, which contribute to trust and stability in the region.
Asian countries have significant potential for future GDP growth. Experts predict that Asia's economy will grow by about 4.5% in 2024, surpassing 2023 levels, and will continue to be a major contributor to global economic growth. This opens wide opportunities for Russian companies aiming to strengthen existing ties and explore new markets and export directions internationally.
"Trade with Asia is growing and developing rapidly, creating attractive opportunities for Russian producers to increase and diversify their sales. We are expanding our network of overseas offices. The Russian Export Center (REC) already has offices in India, China, and Vietnam. This year, we opened a REC office in Thailand, and soon an office will open in Indonesia. These countries were chosen with the interests of our exporters in mind. In 2023, the number of services provided by the REC to support exports to Asia grew by a third compared to 2022, and this year, in just the first nine months, we have already surpassed last year's annual support. We have provided almost 13,000 services!" noted Petr Zaselsky, Chairman of the Board of ROSEXIMBANK.
The wide geographical presence of REC offices in the Asian region will increase the volume of financial support for exporters, improve the conversion rate of services into export contracts, and contribute to the growth of new exports as well as support for critical imports.
When discussing Asia, it is impossible not to mention the cooperation between the Russian Export Center and Chinese businesses. In the first eight months of 2024, REC Group companies facilitated and supported over 3,000 deals with Chinese partners, totaling more than $3 billion.
During the session, a representative of the Russian Ministry of Industry and Trade highlighted the measures taken to stimulate trade with Asian countries and the key tasks of Russia's trade missions in the region. Participants also discussed the newly established institution of digital attachés and their role in developing trade relations. Special attention was given to sectors of the Russian economy with the greatest export potential to India and Vietnam, as well as products and services in demand in the Indian market.
Experts also emphasized that to fully realize the export potential in the Asian direction, it is necessary not only to expand traditional trade relations but also to actively develop cooperation in innovations, technology, culture, and tourism. The development of trade and the tourism industry between Russia and Indonesia was also discussed, with emphasis on the importance of strengthening ties with Asian partners.
During the event, participants discussed forming a shared future, jointly setting long-term goals, and strategic cooperation priorities that go beyond current realities and consider global trends and challenges.
The organizer of the International Export Forum "Made in Russia" is the Russian Export Center (part of VEB.RF). General partners include EXIAR and ROSEXIMBANK. The business program partner is the Moscow Government. The business program operator of the forum is the Roscongress Foundation.
The Forum's media partners included RBC, Russia 24, RT, Mir, Izvestia, TV BRICS, Business FM, Moscow 24, RIA Novosti, Interfax, Kommersant, Rossiyskaya Gazeta, Expert, News.ru, Small Business of Moscow, FederalPress, Agricultural Complex Bulletin, Economic Bulletin, and Sudostroenie.info